The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for ₦3 trillion in public funds, including more than ₦629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
In a statement issued on Sunday, SERAP Deputy Director Kolawole Oluwadare said the legal action followed findings contained in the 2025 annual report of the Auditor-General of the Federation, published on September 9, 2025.
The suit, marked FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja by lawyers Oluwakemi Agunbiade and Valentina Adegoke on behalf of SERAP.
Allegations in Auditor-General’s Report
According to SERAP, the Auditor-General alleged that in 2022 the CBN failed to remit over ₦1 trillion (₦1,445,593,400,000.00) of the Federal Government’s share of operating surplus into the Consolidated Revenue Fund (CRF), raising concerns that the funds may have been diverted.
The report also alleged that the CBN failed to recover over ₦629 billion disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme, an initiative designed to support farmers and enhance food security. The Auditor-General reportedly expressed concern that the inability to identify recipients or recover the funds may have undermined efforts to sustain food production nationwide.
Other Questioned Expenditures
SERAP further cited additional audit concerns, including:
- ₦125 billion allegedly spent on intervention activities without National Assembly approval
- ₦1.79 billion used to procure 43 vehicles for the Nigeria Immigration Service without proper procurement documentation
- Over ₦189 billion in contracts reportedly awarded with irregular variations exceeding ₦9 billion
The advocacy group is seeking an order of mandamus compelling the CBN to account for and explain the whereabouts of the alleged missing funds, and to provide detailed reports on how the money was spent.
As of the time of reporting, the CBN has not publicly responded to the lawsuit.
